Malta is rapidly setting itself as the world’s friendliest jurisdiction for cryptocurrency companies.
Malta’s prime minister Joseph Muscat in a press conference today, revealed that the parliament will pass three bills in favor of cryptocurrency created to accept the blockchain sector. The Mediterranean island nations’ prime minister confirmed the bill went through the third and final reading on Wednesday’s evening session to become a law.
The Parliamentary Secretary for Digital innovation and Finance Silvio Schembri noted:
“This is the last stage of the legislation that will put Malta on the international map for blockchain and crypto regulation. There is political consensus on this roadmap and we are foreseeing that this area will be the mainstay of our economic growth for the next 4-5 years.”
Today’s final reading comes 7 days after the Maltese Parliament released the second reading of three bills that covers the control of initial coin offerings (ICOs), guidelines for cryptocurrency exchanges operators searching to create an existence in Malta and the wider regulation of the cryptocurrency and blockchain sector.
Malta initially prepared the stepping stone of becoming a crypto—friendly ‘blockchain island’ with a national strategy introduced in May last year. “We must be on the front line in embracing blockchain and Bitcoin…we must be the ones that others copy,” Prime Minister Joseph Muscat said at the time.
In light of things to expect, Binance moved its headquarters to Malta in March. OKEx also became the second largest exchange operator to create a presence in Malta.
Regardless of its status as Poland’s largest crypto exchange, BitPay stopped operations after banks failed to provide banking services prior to announcing its move to Malta, stating “productive discussions with the government of the Republic of Malta and a friendly business environment.”